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Moody's maintains negative outlook on Bahrain's banking system
(CPI Financial - 31/05/2017)

The negative outlook reflects the challenges posed by weakening economic growth, the sector's exposure to government debt and the authorities' lower capacity to support banks. Moody's in a recent report conveyed that it expects Bahrain's growth to slow

PwC Economy Watch: Immediate & long-term opportunities on the horizon
(CPI Financial - 31/05/2017)

2016 was a low point for oil exporters, leading to economic depression across the Middle East region, however, the outlook, and the oil price is improving in 2017according to PwC’s Middle East Economy Watch report, which looks at the dominant themes

Moody's withdraws ratings of Bahrain Development Bank
(CPI Financial - 31/05/2017)

Moody's Investors Service has withdrawn Bahrain Development Bank's Ba2/Not Prime Issuer Ratings and its Ba2(cr)/NP(cr) Counterparty Risk Assessment. Moody's Investors Service has withdrawn Bahrain Development Bank's Ba2/Not Prime Issuer Ratings and its

Around 900 jobs cut in Abu Dhabi’s banking sector
(Gulfnews - 31/05/2017)

Nearly 900 jobs were cut across the banking sector in Abu Dhabi over the past year, with the number of employees in the sector dropping to 12,500 in the first quarter of 2017. According to a report from the Statistics Centre Abu Dhabi (Scad) on Tuesday,

57% of UAE residents expect spending hike during Ramadan
(Gulfnews - 31/05/2017)

Despite assurances that retailers will slash the prices for basic essentials during Ramadan, the majority of residents in the UAE are still anticipating an increase in household spending throughout the fasting period, a new survey suggests. According to

Oman's central bank raises OMR47m from treasury bills
(Times of Oman - 31/05/2017)

Oman’s central bank has raised OMR47.27 million by way of issuing government treasury bills. The total value of the allotted treasury bills amounted to OMR47.27 million, for a maturity period of 91 days, from May 31 to August 30, 2017. The average

Mixed results for MENA hospitality industry
(Oman Daily Observer - 31/05/2017)

The MENA hospitality industry experienced mixed results in April 2017 as higher occupancies yet lower average room rates affected the overall revenue per average room (RevPAR). Dubai experienced an increase across all KPIs, including the highest RevPAR

GE’s new projects in Kingdom to improve efficiency by digitizing indus
(Saudi Gazette - 31/05/2017)

New projects between GE and Saudi Arabia will be focusing on the Kingdom’s power, healthcare, energy and mining sectors, as well as skills training and digital analytics running on Predix under GE’s $15 billion in new agreements inked with Saudi Arabia

Women pivotal in transformation of Saudi Arabia
(Saudi Gazette - 31/05/2017)

IN 1970, literacy rates for women in Saudi Arabia were just two percent, today, women make up more than half of our university graduates. Such an incredible advance would not have been possible without the wisdom and guidance of King Faisal Bin Abdul

Consumer spending picks up in Saudi Arabia: Report
(Arab News - 31/05/2017)

Saudi Arabia’s consumer spending is beginning to recover, as indicated by the 11.4 percent year-on-year increase in the value of point-of-sale (POS) transactions to SR16.5 billion in April 2017, said a report issued by Al-Rajhi Capital on Tuesday. The

Oman’s first large-scale wind farm to start operations in 2020
(Times of Oman - 30/05/2017)

Oman’s first large-scale commercial wind-based renewable energy project is getting delayed and will start operations in 2020. “The project has been tendered, but is currently on hold and awaiting approval. The wind farm, which is expected to be comprised

GCC banks will be able to manage 'IFRS 9' impact
(The Peninsula - 30/05/2017)

The impact of International Financial Reporting Standard (IFRS) 9 "Financial Instruments" on the financial profiles of the rated banks in the Gulf Cooperation Council (GCC) will be manageable, S&P Global Ratings report noted yesterday. IFRS 9 is due to

UAE ministry ‘managing 12 projects worth $390m’
(Trade Arabia - 30/05/2017)

UAE’s Ministry of Infrastructure Development is currently managing 12 vital projects, as part of its investment programme, which is distributed around several of the country’s emirates at a total cost of Dh1.43 billion ($390 million), a report said. Dr

Two Qatari firms win 2022 training sites contract
(Trade Arabia - 30/05/2017)

Qatar’s Supreme Committee for Delivery & Legacy (SC) has awarded the contract to build the team training sites for the 2022 Fifa World Cup to specialised Qatari companies Nakheel Landscapes and Gulf Contracting. The firms will work with the SC to deliver

Abu Dhabi Department of Finance processes tenders worth Dh5 billion
(The National - 30/05/2017)

Abu Dhabi’s Department of Finance said yesterday that in the first quarter it processed 26 tenders for seven government entities in the emirate worth Dh5 billion under the system managed by Al Maqta’a bidding hall that ensures greater transparency. The

Saudi net foreign assets dip below $500b as BofA sees headwinds
(Gulfnews - 30/05/2017)

Saudi Arabia’s net foreign assets dropped below $500 billion in April for the first time since 2011 even after the kingdom raised $9 billion from its first international sale of Islamic bonds. The Saudi Arabian Monetary Authority, as the central bank is

UAE’s F&B sector cooks up some major deals
(Gulfnews - 30/05/2017)

In the UAE’s F&B business, all options are on the table... when it comes to the financing and management. Corporate takeovers, buying up of minority stakes by specialist investors, and even turnaround specialists coming on board to nurse ailing F&B

Exploration focus on low unit technical cost opportunities: PDO
(Oman Daily Observer - 30/05/2017)

Majority government-owned oil and gas producer Petroleum Development Oman (PDO) is harnessing cutting-edge seismic data acquisition technology to explore and build a portfolio of oil and gas assets designed to help sustain production over the long-term.

Dubai Chamber honours top SME exporters
(The Gulf Today - 30/05/2017)

The Dubai Chamber of Commerce and Industry hosted on Sunday a special ceremony at its head office to recognise member companies that have demonstrated outstanding export performance during the first four months of 2017. The exclusive SME Exporter of the

UAE, Japan trade hits Dhs26.44 billion
(The Gulf Today - 30/05/2017)

Total trade between the UAE and Japan grew by 20.2 per cent to $7.2 billion (Dhs26.44 billion) in the first quarter of this year, compared with $5.99 billion (Dhs21.97 billion) in the first quarter of 2016. According to Japan External Trade Organization

Vision 2030 leads Kingdom to digital transformation: Oracle
(Saudi Gazette - 30/05/2017)

Digital transformation continues to show a positive trend in the Kingdom, with a focus and commitment among the public and private sector, and from organizations of all sizes. The global cloud major, Oracle, also holds that Saudi Arabia is approaching

Surge in job search activity seen during Ramadan: Poll
(Saudi Gazette - 30/05/2017)

Ramadan is a time for reflection, unity, sharing and generosity. It is a time that can bring out the best in people, whether during work or when spending time with friends and family. For professionals in the Middle East and North Africa (MENA), the

Infrastructure investment helps spur Bahrain economy
(Trade Arabia - 29/05/2017)

The implementation of unprecedented levels of infrastructure investment in Bahrain helped boost the growth of the kingdom's non-oil sector, an Economic Development Board (EDB) report said. In particular, the GCC Development Fund has seen the volume of

Non-oil sector boosts Bahrain growth
(Trade Arabia - 29/05/2017)

Bahrain's non-oil sector's growth of 3.7 per cent helped to fuel overall economic growth of the kingdom, which expanded by 3 per cent in 2016, according to new figures published in the Economic Development Board (EDB). This growth marks an acceleration

Oman Oil inks cooperation deal with Eni
(Trade Arabia - 29/05/2017)

Oman Oil Company (OOC), the Sultanate’s investment arm in the energy related sectors, and Italian energy company Eni have finalised a memorandum of understanding (MoU) to explore cooperation opportunities in the oil and gas sector. The agreement was